Toronto Dominion Bank fined US$3.09B as bank pleads guilty to U.S. charges related to money laundering

[shockedcanadian]

America is wisely more in tuned to the tactics that are occurring in Canada. Once you lose your credibility and trust with such an important ally, we can only hurt ourselves and it pains me to say this as there was a time I wanted to join the military once.

We needed to support Rule of Law and hold our institutions accountable, be they police, politicians or banks. When we do not, this happens. Canada is accustomed to the caste system in which powerful institutions destroy the small guy. Contrary to religious doctrine which has at very least helped guide the laws in the United States.

MSN

Toronto-Dominion Bank has agreed to pay fines totalling about US$3.09 billion from a number of U.S. regulators after pleading guilty to multiple charges related to failures in its anti-money laundering program.

The total fine includes a US$1.8 billion settlement with the U.S. Department of Justice and U.S. Attorney’s Office for the District of New Jersey related to their investigation. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network handed TD a US$1.3 billion penalty.
Garland said TD created an environment "that allowed financial crime to flourish."

The bank also received a cease-and-desist order, a US$450 million penalty and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it found TD's transaction monitoring program had "significant, systemic breakdowns."

U.S. Attorney General Merrick Garland said in a Thursday afternoon press conference that TD has become the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures and the first to admit to conspiracy to commit money laundering.

Garland said TD created an environment "that allowed financial crime to flourish."

 

[shockedcanadian]

Thankfully the U.S and its State Departments are assessing Canadian institutions and methods more vigorously. From the RCMP on down to the lowly OPP and TPS.

I hope CSIS did their duty and informed the U.S agencies honestly and with clarity. Canadas reputation and economic well being desperately require this. If the U.S goes after one of the largest companies in Canada, they will pursue all abusers, including by extension, arms of the government that abuse their powers.

Oh, the stories I could share that I am sure FBI and CIA would find of interest, even if startled by how bold Canadian authorities are.